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How To Launch A New Product Into A Crowded Marketplace

This week, we talk about how to launch a new product into a crowded marketplace. I’ll walk you step-by-step through exactly what I’m about to do for a client in the beauty industry to help them maximize their revenue with minimal risk. Enjoy!

Resources Mentioned

Transcript

Jeremy Reeves: Hey what is going on guys and girls. Jeremy Reeves here with another episode of The Sales Funnel Mastery.

And today is actually labor day that I am recording this. I figure you know, we did not really have anything going on. Actually, well, in the morning at least today. One of my buddies coming over later on and we are going to go out and do some stuff, but we did all of our stuff over the weekend with the kids. I got pulled over which was awesome, always a fun experience and it was by (inaudible 0:44.8) and I was going 20 over in a work zone. So that is always a fun time. And the best part is, it was on my way to a kidâ€™s birthday party that is 2 hours away. So it was an awesome day.

No it was not that bad. My nephew had a birthday party and it was fun. They live about 2 hours away and you know, we had a really good time with the boys and with our family and all that kind of stuff.

Anyway, so, today, I am basically just doing a couple quick things then I am going to head off. I am actually going to take some time today in the afternoon. I am probably going to work until about noon or so. Go for a nice long run and then come back and work on my car a little bit. I am actually getting back into detailing cars.

So I used to be into detailing cars when I was probably about 16 to 18 maybe like in that range you know. As a young kid, you know, you get excited working about cars and you have your own car and all that kind of stuff.

So I used to be really into detailing cars and I am getting back into it now.

So yeah, anyway, so what I want to talk to you about today really quick. I am going to make this kind of short, is basically my thought process. I thought it would help for you to kind of understand like me given marketing challenge and then how I came up with solving it okay.

And my thought process goes into the strategy that me and this client are going to do, right.

So essentially, they came to me and they had a product that it is not really selling. Well, it is a physical product. I am not going to give away too much about it just because this is going to be — it is going to be confidential once we officially you know, move forward with the project. They are not officially client yet, but well they soon.

So I am not going to give away too much about it, but I will kind of just give you the overall you know, kind of the high level concepts of everything.

So, essentially, it is a physical product. It is a beauty product that — I am trying to think of how to say it. So, it is basically a beauty product that — it is a beauty product, right. So, it is not a cream. It is like a device essentially that does a similar thing to a lot of salons, but does it in a much cheaper way and you only pay for it once and that kind of thing.

So it is kind of a cool story behind it. It has got a good level of price justification in it because you know, you can use it once or twice and it kind of pays for what you would pay in a salon and you get similar results. There is a lot of proof behind it and that kind of thing.

And I actually just got an email back at some — it has some stuff to do with — it is a therapy developed by NASA which is awesome. So you probably already know, you know, what the big hook is going to be.

So they came to me and they were like, hey you know, this — you know, it is a great product, but it is not really selling that well you know, do you want to you know, basically can you help us you know, we have tried a couple of things, they are not really working that well and you know, can you help us.

And so essentially what I came up with right, was a couple of things, alright.

So when it comes to selling a physical product like this and it is in the — it is like a $250, so it is not — it is not like the high-end range. It is not the low-end range just kind of like in the medium range where you, you know, you have to think about the purchase, but you do not really have to you know, maul it over for like a month, I mean it is $250.

So what I said to them was, I said, alright, you know, you are not getting great results now. Number one is because the website — the website copy is really bad.

So I said, number 1, we have to redo that because we need really good copy, right.

Number 2. This product lands itself well to demonstration, okay.

And when a product lands itself well to demonstration, then it lands itself well to an infomercial style video, okay.

And I actually got to write them back. They thought I meant like a 2 minute, like an actual infomercial 2 minute you know, 2 minute spot that kind of thing which we may or may will not do while I am jacking my (inaudible 4:57.5) here today. In the future, right, but for now, I do not think that is you know, quite the place to go. I was thinking more of like a 15 to 20 minute kind of spot, but infomercial style, right.

And then you can kind of use that video in a whole bunch of different settings, right.

But the big thing is, you know, 2 of things that are missing is proof okay and the concept.

So the concept is a little bit new if you look — if you think about in terms of the buyerâ€™s journey or market awareness more specifically, the market is not really aware right, of this therapy or the product that kind of thing.

So we have to start with education, okay. And that is what my you know, a lot of what I am going to be writing is going to based on okay, because the market is not aware of the product or why that therapy work so well, right.

As compared to something like if this was like a beauty cream right, most people know you know, what a beauty cream does right, it gets rid of your lines and all that kind of stuff.

So you can go more into like the ingredients. You can go more into the emotional benefits of it — it kind of go right to that.

This one is a bit of a new concept, so you have to start with more education, okay. You have to start a little bit slower. The sales process is just a little bit slower because you have to go into more of how it works right, rather than why it works and why it is better right.

You have to first set the stage for how it would actually works. How it would actually gets you results, okay.

So we are not going to talk about the science behind it and that kind of thing and that is for the NASA story comes in which is awesome. I am actually excited to write about that. It is kind of funny, I actually get kind of like you know, like giddy, like a little kid when I find out that there is really good stories behind things because as you know, stories sell very well. So — I always love putting stories together. I will go out and take a cigar and a glass of Bourbon or whatever and take my white board outside of my office. Outside of my office there is — we have a big patio and then we have our yard, the fence, and there is woods behind it. So it is like a really beautiful view of all the trees and you know, all kind of stuff and I love it. This time the year is just — I love it and fall.

So anyway, so I will go out and actually story board, right. The whole like how the story, like you know, what the set up and story is going to be. How are we going to you know, kind of take them through like an emotional journey and how the story fits into — how it is going to benefit them as a consumer and you know, all that kind of stuff, right.

So stories are going to be huge part of this, okay.

Now the second part of this is so you know, the first part is conversion right. So we have to redo the website copy. We will probably come out with some kind of PDF or you know, some kind of thing education-based PDF. Think of this as kind of like a consumerâ€™s awareness guide or consumer buying guide that type of thing right and we will talk about — that way we can talk about the science, to get them really excited and that way in the sales copy, we can get more into the emotional benefits and to hook them in with stories and show you know, demonstrate the product so they can actually see it and you know, get into all that type of stuff right.

So we are kind of doing like a 2 stage type of selling approach here.

Then when it comes to actual marketing sales right, they made a mistake of — so they have an investor behind this product and the investor actually has some experience in infomercials which was good to hear. I just found that out. And you know, as an investor, they are going to want like when they are giving someone money, they want the results fast, right.

So the mistake that I think they made is they went with an SEO firm, okay. That is a very, very long term strategy, right. We are talking several months, years like it is a very long term strategy. So I think that was kind of you know, mistake number 1 that they made. So I am going to you know, I will kind of talk to them about that.

So when I am looking at this, when I know what the product is, when I know where — what stage of the buying process most of this marketers is going to be in and what stage of market awareness that the market is in, right, which is on the lower end of the scale. There is a scale of 1 to 5 (inaudible 9:13.5) now I think — I feel like I did a podcast on that or might have done a blog post on it if you want to check through the blog.

So there are 5 stages. They are probably about a 2 I would say. Most products are either 3 or 4. They are probably about 2 — maybe even 1, as I get into it more, I will figure that out, but anyway.

So what we are looking for — when I (inaudible 9:36.9) when I was thinking about this, I said, alright, what do we have to do here to get — you know, we need momentum, right. That is the big thing here. We need momentum. We need proof. We need you know — we need some kind of social elements behind this. We need some you know, big influencers who will be taking about this. We need some buzz about this, that kind of thing.

So I said, okay. Number 1, it is a physical product, let us go to Amazon right. So we will put together — we did not do this yet. I actually just sent them the proposal the other day and you know, so we are probably going to move forward. We just have to figure out some of the finer details.

So this is what we are going to be doing.

Number 1 is Amazon. Lands itself perfectly to Amazon. It is going to give us you know, a couple of reasons for Amazon you know. Number 1, their paid traffic is awesome, right, because you are targeting buyers anybody going on Amazon you are not going there to like research information, you are going there to buy something.

So we will target you know, specific keywords send them there and we will see how — essentially, what we are looking for is number 1, we want to do product validation, right, and on my end I want product validation because this is going to be (inaudible 10:44.0) share you know, type of situation.

So I want to get — I want to put together a campaign that we know right off the bat, how people like the product itself because if people do not like the product you know, then I am going to go back and say okay, you know, look it is just — it is going to be too hard you know, too much of an uphill battle from here and for me you know, and then you know, kind of just you know, and get out of the situation you know, and then also for them as well you know.

You need product validation first, okay.

So if you are looking something, you have a physical product or even a service whatever it is, you need product validation first, okay. You need people that are excited to get — to move forward with it, right. So we need that first. So Amazon is a really good way to do that, okay.

So this in paid ads, put together page you know, all that kind of stuff.

Second thing that does — so number 1 is going to validate the product because of the conversion rates are really, really bad on that then we have to figure out okay is it the product, is it the copy are we not talking enough to you know, are we not — do we not know enough about the market. Is this not you know, good timing for the market you know, what is going on that the conversion rates are bad, okay. So that is going to be step number 1.

Step number — and then the second part of Amazon is that — as you sell it, even if you do not make a ton of money on it, you get feedback right. You find out why people love the product. You find out why they do not like the product. You find out why they are going to buy. Why they are not buying.

So you get a ton of feedback from Amazon that you can then use as you scale the project because we are doing a couple kind of free strategies or low cost strategies first before we get into paid traffic. On Amazon, we are doing paid traffic, but it would be on minimal scale you know, maybe $100 a day or something like that. So we are going to do that, right, Amazon right.

And then we also not only are we getting product validation. Not only are we getting feedback, we are also getting proof because we are going to get reviews. We are going to get people giving us testimonials that we can then use in you know, in other market, okay.

Then, step number 2 and basically this is kind of where we at now or where you know, basically what we got enough to at this point is influence or outreach, okay.

So I said, alright, we want fast results, that is going to be Amazon, okay. That is going to get some momentum going, right.

So Amazon boom, right.

As Amazon is going, as we are kind of crunching those numbers figuring all that stuff out, we are going to reach out to influencers, okay.

So we are going to look at people like you know, big bloggers and podcasters and you know, people what they called vloggers. I hate that word, but you know, video bloggers you know, and all that kind of stuff and you know, even you know, models on Instagram and you know reaching out to people, giving them free samples in exchange for a review or a testimonial or their feedback or whatever that is. Trying to get them to push that out to their audience, right, only if they love it, obviously. You know, obviously, they are not going to give it to their audience if they do not like it.

So that is going to be kind of phase number 2 and then — so that is going to not only are we going to get more feedback, it is kind of like a repeating loop here. We are going to get more (inaudible 13:57.2). We are going to get more sales. We are going to get more reviews and testimonials. What that also does is it generates buzz.

So if we are getting these influencers to generate some buzz in the marketplace, we can then have more proof. You can see how the stuff stacks on top of each other (inaudible 14:13.6) proof stacking. That is a good idea. I might have to come up with that concept. I might have to dig into that a little more.

So we are going to do some proof stacking. Used that the first time ever. They are — I just coined the term for you.

We are going to use proof stacking and you know, we will use that in the market, right. So we can then say that like, hey you know, this big blogger in the industry loves it and this guy does and then we can use that to leverage things like PR. We can use that to leverage things like getting on webinars right because it is going to be harder to do a joint venture with somebody on the webinar than it is to just say, hey, you know, check this out if you love it, tell your audience about it, alright.

So if we get people that are saying they loved it, then we go and you know, we get one of these A players and then we reach out to other A players and say, hey, you know, do you want to do a webinar about it you know, this person, your buddy, or your competitor or whatever loves it you know, I love to send you and if you love it you know, we will do a quick webinar. I will walk you through. I will give you percentage of the commission whatever, right.

Notice by the way, that there is barely any risk here you know, (inaudible 15:20.6) risk going into any of this.

So it is going to also make the investor happy. When I came up with the strategy, I have that investor in mind because that is — he is going to have a huge influence on the decisions that are made, right, because he is the one with the money. He is the one you know, putting his funds into this.

So I kind of did all this wraparound that investor, right.

So you also have to figure out when you are making strategies like this, you also have to take into consideration all of the factors right because if I said, oh, let us do you know, Facebook ads, we are going to spend thousand dollars a day, the investor would say, ahh.. nope.

That is not going to happen because I already sank a lot of money into this and we are not going to do that, alright. So make sure you are considering all factors, okay.

So at this point, we have Amazon and we will also redo the website probably at the same — just kind of so it is there — kind of one of those things like we are not going to send traffic rate to the website probably, but it is kind of just there like it kind of just needs to be there. It is one of those things you know, what I mean, that it is just like kind of you know, kind of just needs to be there.

Then we are doing influence outreach. We are doing webinars on people and then the next 2 things that I said was PR right. So as we do this influence outreach, as we do webinars, as we do Amazon we are building up all this proof and credibility, well then guess what, donâ€™t you think that this has a great story for PR. Donâ€™t you think that we can go to some local stations and you know, if we tell them that this NASA technology is getting amazing results and it is a breakthrough thing and it helps you, you know, get amazing results in a fraction of a cost of going to salon and blah, blah, blah. Donâ€™t you think the media would eat that up you know, they would love that. So I think PR is a huge strategy here.

The next thing is customer virality right. And again, all of these are very, very, very either low cost or no cost strategies, right. Again, you know, I am thinking of that, that investor. I am thinking of you know, the cash flow that is available. I am thinking about these other factors. That is why — it is how I came up with the strategy, right.

So the last thing is customer virality right. So basically, really great products spread. So if you have a physical product one of the biggest ways to grow that product is by like organic virality right. Getting it to spread organically by getting people to talk about it, right. So how do you speed up that process because it is hard in the beginning right.

It is like a snowball you know, snowball is tiny in the beginning as you know, the farther goes down the hill, the easier it is to keep rolling and keep gathering momentum, but somebody is going to push that snowball first, right.

So you know, we are going to come up with some ways — I have not mapped all this out yet, but we are going to come up with some ways to basically, essentially like you know, give free things if they tell their friends right.

So after they buy rather than trying to upsell them in you know, all these kind of stuff, we are really just going to focus on the core message like we have to rather than putting together this big huge elaborate funnel and having all these various products, we are going to put 100% focus into the product and into the market okay. So exactly who is that market. Exactly who we going after. Exactly what benefits they want to hear. Exactly what emotions do we have to pull at to get them to buy. Exactly what you know, what pain points do we have to hit. Exactly what objections do we have to overcome.

So we are nailing that first, okay, and then we are going to start once we really, really, really like crush all that, then we will move on to things like you know, adding in creams and adding in you know, I do not know extra strength or you know, whatever it is that we come up with for you know, upselling and cross selling. We have to nail it first with the product itself, okay. We have to prove that it is a valid product in the marketplace first, alright.

So one of the things that we are going to do is customer virality and you know, just things like essentially you know, we can do contest, we can you know, give them free things if they tell their friends. Basically just to start getting that ball rolling and getting the conversation starting around this, okay.

And that is pretty much it.

So I do not know, how long that was, maybe a little bit longer, it was about 20 minutes.

So anyway, that is — I thought it would be kind of cool to take you into my mindset you know, as I am coming up with ideas and strategies for my clients you know, that is kind of what I do you know what I mean. That is how I come up with things and you know, when I have clients that say, hey, you know, what do we do that is essentially how my brain works to come up with the strategies for them you know, it is always looking at all the factors is looking at the lowest cost you know, the lowest risk ways to you know, to get things out there. Sometimes it is not the lowest cost by the way. Lowest risk does not mean lowest cost right. If someone has a huge like a lot of cash flow, their time might be a bigger risk factor than the money, right. So you have to take that into consideration. You know, all the various factors and that is what I came up with right.

So yeah, I hope you enjoy it. I hope you have I know, by the time you listen to this it will be after labor day, but I hope you already had a great labor day. I am going to be like I said, I am going to be working in the morning and then I am going to spend the afternoon with you know, with the boys and my one buddy who is — he is from Boston. He only comes in once or twice a year. So I spend a little bit of extra time with him. I am going to you know, wash and wax the car. So it will be fun. Put some good music on. Probably throw up some marketing podcast on or something like that as I am doing it.

Yeah, and it should be a good day, but anyway, I hope you enjoy this episode. As always, if you enjoy this episode which I hope you did. If you are still listening, I am assuming you did. So if you are still listening make sure that you are telling your friends about it. Make sure that you give us a review on iTunes, that is the biggest compliment you could possibly give me. I get people all the time that when I talk to them, they are like, this is the best podcast I have listened to. You give the most actionable advice and you know, it is like the best strategy and blah, blah, blah.

So yeah, you know, if you are thinking that in your head now, make sure that you give us a review, right. It would be absolutely hugely appreciated and we are giving you free things too you know, like I said, the conversion cheat sheet you know, there is 101 you know Conversion tips in there that you can use for you know, for your website you know, whatever you are doing, there is like basically, your whole sales funnel go through.

So we will send you that. Just send us an email after you leave a review and as always, if you want to reach out and work with us you know, whether doing a funnel day to come up with a strategy like I just went through or to actually helping us or working with us to help you build out your own sales funnel whatever that is then reach out [email protected] alright.

That it is for the day. I hope you have a good one and I will talk to you soon.